Correlation Between Ping An and Monalisa Group
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By analyzing existing cross correlation between Ping An Insurance and Monalisa Group Co, you can compare the effects of market volatilities on Ping An and Monalisa Group and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Ping An with a short position of Monalisa Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Monalisa Group.
Diversification Opportunities for Ping An and Monalisa Group
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ping and Monalisa is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Monalisa Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Monalisa Group and Ping An is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Ping An Insurance are associated (or correlated) with Monalisa Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Monalisa Group has no effect on the direction of Ping An i.e., Ping An and Monalisa Group go up and down completely randomly.
Pair Corralation between Ping An and Monalisa Group
Assuming the 90 days trading horizon Ping An Insurance is expected to under-perform the Monalisa Group. But the stock apears to be less risky and, when comparing its historical volatility, Ping An Insurance is 1.15 times less risky than Monalisa Group. The stock trades about -0.16 of its potential returns per unit of risk. The Monalisa Group Co is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 869.00 in Monalisa Group Co on September 15, 2024 and sell it today you would earn a total of 61.00 from holding Monalisa Group Co or generate 7.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Ping An Insurance vs. Monalisa Group Co
Performance |
| Timeline |
| Ping An Insurance |
| Monalisa Group |
Ping An and Monalisa Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Monalisa Group
The main advantage of trading using opposite Ping An and Monalisa Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Monalisa Group can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Monalisa Group will offset losses from the drop in Monalisa Group's long position.| Ping An vs. BYD Co Ltd | Ping An vs. China Mobile Limited | Ping An vs. Agricultural Bank of | Ping An vs. Industrial and Commercial |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Money Managers module to screen money managers from public funds and ETFs managed around the world.
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